By Judy Szablak
The condo sales market has certainly rebounded compared to the beginning of the year. And closed sales have increased significantly from the first quarter of 2013.
This condominium at 20 Terra Nova Circle is listed at $1,350,000. (CLICK TO ENLARGE) Photo courtesy of Halstead Property-Westport.
What may be no secret to some is that during the first quarter of 2013, there was only one condo sale in January. Also, according to the local MLS, not one closing occurred in either February or March.
Thankfully, the market has been heating up, and second quarter of 2013 brought us seven closings thus far, and another eight are in some stage of deposit. That’s great news when sales from the beginning of the year had looked so dismal, at best.
If we look back to last year, we had 15 closings during the first half of 2012, and by the end of this month, we should be very close to that for 2013. Considering that we had two months of no activity at all, evidence of a rebounding condo market is emerging, even if some of the activity is due in part to the season.
Inventory levels seem to support that as well. In the prior four to six month period, we had more than 13 months of supply, and that has decreased by almost 50 percent. The average days on market to effect a sale was 106 during that same period, and now it is just 54 days.
We all know the market has improved for single family homes, it’s just nice to see that same evidence for condos.
Market Stats
There are now 294 homes that are actively on the market. The average list price is $2,209,895, and these properties have been listed for average of 105 days, with a cumulative market time of 175 days. The median price remains at $1,895,000.
The highest asking price for all homes currently on the market is $12 million, and the lowest available priced home is $309,000.
Twenty-seven new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Eighteen properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and 11 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of these 11 pending properties is $1,955,991. There are currently 47 homes in CTS status throughout Westport, and another 84 properties scheduled to close town-wide, with an average price of $1,518,534.
Closings: There were 11 single family homes reported as sold in the last week, were listed on average at $1,506,991, and sold with an average market time of just 111 days. There were 86 status changes in the last seven days.
Condos: There are 13 condominiums that are available, and they have been listed an average of 69 days.Their average listing price is $665,769, and the median price is $635,000. The highest priced condo in town is listed at $1,350,000 and the lowest offering price is $289,000.
There were two new listings this week, no homes came back on the market after being under deposit, and there were no price changes. One property has entered into the initial stage of deposit, and no properties entered the pending stage of deposit.
There are three properties town-wide that are currently in CTS status, and five homes are scheduled to close that are listed on average at $639,200.
Two sales were reported during the last week, and the properties were listed on average at $786,250. There were six status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 57 homes or apartments available. The median price is $4,295 per month and the average price is $4,682 per month. These year round rental opportunities have been on the market an average of 33 days.
There are 47 short-term rental opportunities that are available, and they have been on the market an average of 45 days. Their average price is $14,931, and the median price is $14,000.
Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.
Source: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
Featured Home
This condominium at 20 Terra Nova Circle is listed at $1,350,000.
This exceptionally maintained home is one of only six of the largest units in the easily commutable and sought after private and gated community of 54 homes at Terra Nova.
An open and versatile 2,809 square foot floor plan caters to the entertainer at heart, with personal areas purposely designed to be kept as private as possible.
High ceilings and tall windows make this unit feel much more like a private home, rather than a condominium.
The spacious living room is perfect for entertaining, and has a columned entrance to the formal dining area. which has crown molding, and a bay window area that overlooks the courtyard.
A well designed kitchen has top-grade stainless steel appliances, granite counters, and a center island to match. Offering exceptional counterspace and work areas, this kitchen has everything that a chef could want, plus a walk-in pantry.
The breakfast nook area has French doors to the private patio, and is open to the family room, which has a fireplace, crown molding, and tall tray ceilings.
Also on the main level is a guest bedroom, which is nicely tucked away for everyone’s privacy, as well as a den or office which could easily be another main level bedroom if needed. A third bedroom is on the second floor, and has its own full bath with designer vanity and dual closets.
The master bedroom suite is upstairs and has two generously sized walk-in closets. Tall tray ceilings in both the main bedroom area and the private sitting room add to the room’s elegance. A luxurious master bath is finished in neutral marble, and has dual sinks, a whirlpool, and separate shower.
The lower level is finished, and offers an additional 950 square feet of space, with two separate areas for entertaining.
Extras and items to note—gated community, pool, 9-foot ceilings on main level, security system, monthly association fees of $775.
Annual taxes are $12,512.
Listing/photo courtesy of Halstead Property-Westport.
_____
(Editor’s Note: Judy Szablak of Coldwell Banker Westport – Riverside, Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at http://www.CThomesAndRealEstate.com.
